Wednesday, October 31, 2007

New Rule Will Haunt Poker Players

Happy Halloween to everyone out there in blogger land. Here is a new law that is sure to haunt poker players at tax time. Starting next year, casinos and other sponsors of poker tournaments will be required to report most winnings to winners and the IRS.

The new requirement, which goes into effect on March 4, 2008, was contained in guidance released Sept. 4 by the IRS. The guidance is designed to clear up confusion about the tax reporting rules that apply to poker tournaments. In recent years, some casinos and players have been confused over whether poker tournament sponsors who hold the money for participants in a poker tournament are required to report the winnings to the IRS and withhold tax on the winnings.
For more information on this change be sure to visit this IRS web link.

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